Sydney RIU Conference Presentation
Released
Released
Announcement PDF
ASX COD
Coda Minerals
Investor
Presentation
RIU Sydney Conference
7th May 2025
Important Notices
Nature of this document: The purpose of this presentation is to provide general information about Coda Minerals Limited (ACN 625 763 957) (the ‘Company’). Unless otherwise stated herein, the information in this presentation is based on the Company’s
own information and estimates as at the date of this presentation. In attending this presentation or viewing this document you agree to be bound by the following terms and conditions.
Not an offer or advertisement: This presentation is for information purposes and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any
jurisdiction. This presentation and its contents must not be distributed, transmitted or viewed by an person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or
any jurisdiction. In particular, this presentation may not be distributed or released, directly or indirectly, in the United States. This presentation does not constitute an advertisement for an offer or proposed offer of shares. Neither this presentation nor
anything contained in it forms the basis of any contract or commitment and it is not intended to induce or solicit any person to enter into, or refrain from entering into, any contract or commitment.
Not financial product advice: This presentation does not take into account the individual investment objectives, financial situation and particular needs of each of the Company’s shareholders or potential investors. You may wish to seek independent
financial and taxation advice before making any decisions in respect to this presentation. Neither the Company nor any of its related bodies corporate is licensed to provide financial advice in respect of the Company’s securities or any other financial
products.
Forward-looking statements: Certain statements in the presentation are or may be perceived as “forward looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning, among other things, future operating
and exploration results or the Company’s future performance. You are cautioned not to place undue reliance on any forward looking statement. These forward looking statements are based on current expectations at the date of this publication. The
projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, and are necessarily based on assumptions, which may cause the Company’s actual performance and results in
future periods to differ materially from any express or implied estimates or projections.
Disclaimer: No representation or warrant, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its
directors, officers, employees, advisers, agents and contractors expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this
presentation, and excludes all liability whatsoever (including negligence) for any loss or damage which may be suffered by any persons as a consequence of any information in this presentation or any error or omission there from. The Company is under no
obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation
are subject to change without notice.
Unverified information: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.
Photographs used on page 20 were provided by Adam Mørk Architectural Photography.
A 3D interactive version of the latest presentation can be found on the Company’s
website at https://www.codaminerals.com/blog/riu-sydney-resources-round-up2025/
SOUTH AUSTRALIA
STAGE
Scoping Study Phase
NPV7 :1.2B & IRR: 35%
OLYMPIC DAM
OAK DAM WEST
CARRAPATEENA
ELIZABETH
CREEK
TEAM
PORT AUGUSTA
Experienced Board
>17 Project Experience
LOCATION
South Australia
Supportive jurisdiction, low sovereign risk
THEMATICS
Future Facing Critical Minerals
Cu – Key electrification metal, looming supply gulf.
Co – Battery metal linked to EV revolution.
Ag – Key solar component, demand exceeding supply.
ADELAIDE
CORPORATE
$20M
COD
ASX Code
Market Capitalisation
$0.079
$5.0M
Share Price
Cash and Equivalents
2 May 2025
31 March 2025
2 May 2025
BOARD OF DIRECTORS
ASX COD
249M
Ordinary Shares
Keith Jones
Paul Hallam
NON-EXECUTIVE CHAIR
NON-EXECUTIVE DIRECTOR
Robin Marshall
Chris Stevens
NON-EXECUTIVE DIRECTOR
CEO, DIRECTOR
Colin Moorhead
Susan Park
LEAD GEOLOGY ADVISOR
COMPANY SECRETARY
TOP 5 SHAREHOLDERS (as of 7 April 2025)
RANK SHAREHOLDER
%IC
1
Lujeta Pty Ltd
7.8%
2
Angang Group Hong Kong (Holdings) Ltd
4.8%
3
Mr Keith Francis Jones & Mrs Jennifer Jones
4.7%
4
BNP Paribus Nominees
3.0%
5
Ms Linlin Li
2.8%
6
TOP 20 SHAREHOLDERS,
37.9%
Coda Minerals - Sustaining Tomorrow
TOP 5
SHAREHOLDERS,
23.1%
OTHER
SHAREHOLDERS,
62.1%
SENIOR MANAGEMENT
2 May 2025
Matt Weber
MANAGER GEOLOGY
IMARC 2024 Pitch Battle
RIU Conference
Question 1:
Question 1:
Question 1:
” What are Coda’s assets and where
are they located?”
ASX COD
OLYMPIC DAM - BHP
114KM NN
ROXBY DOWNS
OAK DAM WEST - BHP
16KM NE
WOOMERA
CODA MINERALS
Major Cu-Co
Resource in an
exceptional jurisdiction
with massive upside
CARRAPATEENA - BHP
40KM EAST
ELIZABETH CREEK
Total Area: 701 km 2
SOUTH AUSTRALIA
0
N
25
km
PORT AUGUSTA
50
ELIZABETH CREEK
PORT AUGUSTA
ADELAIDE
ASX:COD
CODA’S COPPER PORTFOLIO
65.5Mt @ 1.6% CuEq
> 1 Million Tonnes of CuEq
> 1 Million tonnes contained CuEq
Confidence
Cuttoff
93% Indicated, 1.0%
7% Inferred
CuEq
0.5%
Indicated
CuEq
0.5%
Indicated
CuEq
0.2%
Inferred
Cu
Emmie Bluff
MG14
Windabout
Cattle Grid
South
Total
EMMIE DEEPS
Iron Oxide Copper Gold (IOCG)
Underground Deposit ~ 800m depth
Discovery Hole:
EB18, aggregate 35m @ >1% Cu from 797m1
WINDABOUT
Open Pit Deposit ~ 50 - 70m depth
Production Target:
5.96Mt @ 1.03% Cu, 0.07% Co (1.71% CuEq)
JORC RESOURCE SUMMARY
Resource
EMMIE BLUFF
FLAGSHIP
Underground Deposit ~ 400m depth
Production Target:
31.81Mt @ 1.19% Cu, 0.06% Co (1.81% CuEq)
Mt
Cu
Co
Ag
CuEq
(%)
(ppm)
(g/t)
(%)
CuEq
Contained
Metal (kt)
40.2
1.3%
569
17
1.9%
751
1.8
1.2%
334
14
1.7%
31
17.7
0.8%
492
8
1.4%
249
5.8
0.6%
121
4 N/A
65.5
1.6%
MG14
Open Pit Deposit ~ 20m depth
Production Target:
5.96Mt @ 1.03% Cu, 0.07% Co (1.71% CuEq)
CATTLE GRID SOUTH
Open Pit Deposit ~ 30m depth
Production Target: 4.04 Mt @ 0.54%
Cu, 10.75g/t Ag
36
1,067
OAKDEN
1Please see ASX releases on 28 July 2021, 23 August 2021, 28 February 2022, 20 June 2022, 30 January 2024 and 3 July 2024 for full
details of all mineralised holes and Table 1. Please see Appendix for links to full Resource Table, Resource Statements, Confirmatory
Statements under LR 5.19.2 and Copper Equivalent grade calculations.
9
Coda Minerals - Sustaining Tomorrow
Cu-Co-Ag Prospect
~ 30m depth
WE HAVE THE RIGHT INGREDIENTS
Location
Geology
SA – Truly Tier 1
Environment
93% JORC Indicated
$1.2B
NPV7 PRE-TAX
Advanced Approvals
Processing
Advanced Flowsheet
Mining
Mine Plans – UG/OP
For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost Elizabeth Creek Value on 3rd December 2024. See below for metal equivalent calculations
IMARC 2024 Pitch Battle
RIU Conference
Question 1:
Question 1:
Question 2:
”The ore body looks remarkably flat,
almost like a coal seam. How do you
mine that?”
EMMIE BLUFF UNDERGROUND MINING
86%
13 Years
ASX:COD
400m
Extraction Panel % Mine Life
31.81Mt @ 1.81% CuEq
Emmie Bluff Production Target
Mechanical Cutting with Pillar Recovery#
Mining Method
For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost Elizabeth Creek Value on 3rd December 2024. . Please see Appendix for links to full Resource Table, Resource
Statements, Confirmatory Statements under LR 5.19.2 and Copper Equivalent grade calculations.
# Base Case- long hole open stoping with drill and blast remains under active consideration
IMARC 2024 Pitch Battle
RIU Conference
Question 1:
Question 1:
Question 3:
”Copper-Cobalt can be challenging,
what is your confidence on the
processing?”
ASX:COD
SIMPLIFIED FLOWSHEET
PHASE ONE
JAW CRUSHER
ROM
MILLING
FLOTATION
1
5
FINAL PRODUCTS
COPPER
CATHODE
CONCENTRATE
SX/EW
ALBION
PHASE TWO
OXIDATIVE LEACH
COBALT
SULPHATE
CRYSTALLISATION
SILVER
DORE
MERRILL-CROWE
TOWER
ZINC
CARBONATE
PRECIPITATION
Highly simplified processing flowsheet. For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost
Elizabeth Creek Value on 3rd December 2024
SIMPLIFIED FLOWSHEET – WHOLE ORE LEACH
ASX:COD
JAW CRUSHER
ROM
MILLING
WHOLE ORE LEACH
Conceptual Design – Under Investigation
1
6
FINAL PRODUCTS
COPPER
CATHODE
SX/EW
COBALT
SULPHATE
CRYSTALLISATION
SILVER
DORE
CARBON COLUMN
ZINC
CARBONATE
PRECIPITATION
Highly simplified processing flowsheet. For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost
Elizabeth Creek Value on 3rd December 2024
ASX:COD
COBALT
HIGH RECOVERY*
CARROLLITE CuCo2S4
+85%
TO CONCENTRATE
+93%
FINAL PRODUCT
-O
O
S
O
Co2+
O-
COBALT(II) SULPHATE
CoSO4
TO FINAL PRODUCT
VIA ALBION
17
CRITICAL MINERAL
*For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost Elizabeth Creek Value on 3rd December 2024
PRODUCTION TAX CREDIT
IMARC 2024 Pitch Battle
RIU Conference
Question 1:
Question 1:
Question 4:
”What are the Elizabeth Creek CopperCobalt-Silver Project’s financial &
production metrics?”
ASX:COD
SCOPING STUDY
$1.2B
35%
NPV7 PRE-TAX
IRR PRE-TAX
$802M 28%
NPV7 POST-TAX
EXCHANGE RATE USD:AUD
0.68
COPPER PRICE USD/T
$9,260
COBALT PRICE USD/T
$43,7671
SILVER PRICE USD/OZ
$30
ZINC PRICE USD/T
$2,700
IRR POST-TAX
[1] Denotes forecast cobalt price on commencement of mining. Cobalt price is not fixed over the life of mine. See Commodity Price Sensitivity for discussion of anticipated change in prices over LoM
For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost Elizabeth Creek Value on 3rd December 2024
ASX:COD
STEADY STATE PRODUCTION
26.7Ktpa
Co
1.3Ktpa
Ag
1.13MOz
29
Cu
COPPER
27
COBALT
47
SILVER
For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost Elizabeth Creek Value on 3rd December 2024
$331M
$1.80
PRE-PRODUCTION CAPEX
AISC USD/lb Cu
IMARC 2024 Pitch Battle
RIU Conference
Question 1:
Question 1:
Question 5:
”Companies and shareholders often
underestimate the challenges of
approvals and related ESG.
How is Coda derisking this aspect of
the project?”
CODA MINERALS
ASX:COD
SOVEREIGN RISK
South Australia – Mining friendly jurisdiction
HERITAGE
Productive positive working relationship with TOs
ENVIRONMENT
Advanced approvals process, non sensitive region
COMMUNITY
Established mining region, distant from major cities
INFRASTRUCTURE
Close to established major roads and rail
For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost Elizabeth Creek Value on 3rd December 2024
IMARC 2024 Pitch Battle
RIU Conference
Question 1:
Question 1:
Question 6:
”What is the spark that gets Coda from
here to the next landing?
What are you trying to do as a
Company?”
WHAT IS CODA’S SPARK?
SOUTH AUSTRALIA
INNOVATIVE
ASX:COD
PROMINENT HILL
OLYMPIC DAM
OAK DAM WEST
Value uplift through technical value add
CARRAPATEENA
ELIZABETH
CREEK
PROJECT
EXPERIENCED
Board has exceptional track record
of project development
QUALITY ASSET
1.1Mt contained CuEq & robust
economics in a superb location
For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost Elizabeth Creek Value on 3rd December 2024. See below for metal equivalent calculations
PORT AUGUSTA
ADELAIDE
Appendices
APPENDIX A: STATEMENTS
Mineral Resources
Mineral Resources and Exploration Targets
1.
MG14 Indicated Mineral Resource: The information is extracted from the report entitled "Confirmation Statements JORC" created on 26th October 2020 and is available to view at: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asxresearch/1.0/file/2924-02298915-6A1003162&v=70bc033a22188bdfefb8a0b8ad3c24897ef2837d. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market
announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
2.
Windabout Indicated Mineral Resource: The information is extracted from the report entitled "Confirmation Statements JORC" created on 26th October 2020 and is available to view at: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asxresearch/1.0/file/2924-02298915-6A1003162&v=70bc033a22188bdfefb8a0b8ad3c24897ef2837d. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market
announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
3.
Emmie Bluff Mineral Resource: The information is extracted from the report entitled “Scoping Study Update Delivers Materially Improved Economics" created on 30 January 2024 and is available to view on https://cdnapi.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02766550-6A1191314. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market
announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
4.
Cattle Grid South Mineral Resource: The information is extracted from the report entitled “Initial Copper Resource for Cattle Grid South" created on 03 July 2024 and is available to view on https://cdn-api.markitdigital.com/apimangateway/ASX/asx-research/1.0/file/2924-02823989-6A1214274&v=4015c7b87631faf94ecd96975272ff9ad5cb14c3. The company confirms that it is not aware of any new information or data that materially affects the information included in the
original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and
have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
26
Coda Minerals - Sustaining Tomorrow
APPENDIX A: STATEMENTS
Competent Person Statement
Competent Person Statement for JORC 2012 Mineral Resources - MG14 & Windabout
This report was prepared in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”) by Tim Callaghan, who is a Member of the Australian Institute of Mining and
Metallurgy (“AusIMM”), has a minimum of five years’ experience in the estimation and assessment and evaluation of Mineral Resources of this style and is the competent Person as defined in the JORC Code. This announcement accurately summarises
and fairly reports his estimations and he has consented to the resource report in the form and context it appears.
The MG14 and Windabout Mineral Resource at the Elizabeth Creek Copper-Cobalt Project has been estimated by Mr Tim Callaghan, an external consultant, and is reported under the 2012 Edition of the Australasian Code for reporting of Exploration
Results, Mineral Resources and Ore Reserves (see ASX announcement 26th October 2020 titled: Confirmation Statements JORC).
Competent Person Statement for JORC 2012 Mineral Resources – Emmie Bluff
The information in this statement that relates to the Mineral Resource Estimates is based on work done by Dr Michael Cunningham of Sonny Consulting Services Pty Ltd. The information in this report which relates to exploration results is based on
information compiled by Mr. Matthew Weber, who is an employee of the company.
Dr Cunningham and Mr Weber are Members of the Australasian Institute of Mining and Metallurgy and have sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activities undertaken to qualify
as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
The Competent Persons consent to the inclusion in this report of the matters based on the information compiled by them, in the form and context in which it appears.
Competent Person Statement for JORC 2012 Mineral Resources – Cattle Grid South
The information in this statement that relates to the Mineral Resource Estimates is based on work done by Dr Michael Cunningham of SRK Consulting (Australasia) Pty Ltd (SRK).
Dr Cunningham is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a
Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012).
27
Coda Minerals - Sustaining Tomorrow
APPENDIX B: MINERAL RESOURCES
Aggregated Mineral Resources at Elizabeth Creek
OPEN PIT
Resource
Category
Type
Proposed
Tonnage
Cut-off
Mining
Mt
Grade
Method
Copper
Cobalt
Silver
Zinc
Copper Equivalent
Grade
Contained
Grade
Contained
Grade
Contained
Grade
Contained
Grade
Contained
(% Cu)
Metal (t)
(ppm Co)
Metal (t)
(g/t Ag)
Metal (Moz)
(ppm Zn)
Metal (t)
(% CuEq)
Metal (t)
1.7%
30,600
684
4000
MG14
Indicated
Zambian
Open Pit
1.8
0.5% CuEq
1.2%
22,700
330
600
14
0.8
Cattle Grid South
Inferred
Breccia
Open Pit
5.8
0.2% Cu
0.6%
36,000
120
700
3.5
0.7
Windabout
Indicated
Zambian
Open Pit
17.7
0.5% CuEq
0.8%
136,100
490
8700
8
4.6
1.4%
249,100
Sub Totals
Indicated
Zambian
Open Pit
19.5
0.5 CuEq
0.8%
158,800
480
9300
8.5
5.4
1.4%
316,000
(Open Pit)
Inferred
Breccia
Open Pit
5.8
0.2% Cu
0.6%
36,000
120
700
3.5
1
Proposed
Tonnage
Cut-off
Mining
Mt
Grade
UNDERGROUND
Resource
Category
Type
Method
Emmie Bluff
Sub Total
Copper
Cobalt
684
Silver
36,000
4,000
Zinc
Copper Equivalent
Grade
Contained
Grade
Contained
Grade
Contained
Grade
Contained
Grade
Contained
(% Cu)
Metal (t)
(ppm Co)
Metal (t)
(g/t Ag)
Metal (Moz)
(ppm Zn)
Metal (t)
(% CuEq)
Metal (t)
Indicated
Zambian
Underground
37.5
1% CuEq
1.3%
485,000
590
22,000
17
20.6
1800
66000
1.9%
715,000
Inferred
Zambian
Underground
2.7
1% CuEq
0.9%
46,000
280
1,000
12
1.1
1700
5000
1.3%
36,000
Combined
Zambian
Underground
40.2
1% CuEq
1.3%
511,000
570
23,000
16.8
21.7
1700
70000
1.9%
751,000
(Underground)
Project Wide Total
65.5 Mt
725,800t Contained Cu
33,000t contained Co
28 Moz Contained Ag
75,000t Contained Zn
1,067,000t contain CuEq
[1] No Copper Equivalent was calculated for Cattle Grid South. Contained CuEq tonnes quoted in this column for Cattle Grid South consist of contained copper only.
[2] Total figures have been aggregated purely for convenience and to contextualise the specific contribution of individual Mineral Resource Estimates to the overall project scale. Grades reported are tonnage-weighted averages of the individual Mineral
Resource Estimates. Coda notes that the total figure includes resources reported at varying cut-off grades, with varying estimation techniques, metallurgical properties and proposed mining methods. Individual Mineral Resource Estimates should be considered
individually. A total copper equivalent figure has not been disclosed as Coda does not believe it is currently appropriate to calculate a copper equivalent for the Cattle Grid South Mineral Resource Estimate. Please see below sections Statement Regarding Metal
Equivalent Calculations and Competent Persons Statement for full details on the calculation of copper equivalents and links to original releases/CP statements. Figures have been rounded for simplicity.
[3] No Zinc estimate was provided for the MG14 and Windabout deposits. This figure reflects the contained tonnage solely from Emmie Bluff and Cattle Grid South.
28
Coda Minerals - Sustaining Tomorrow
APPENDIX C: METAL EQUIVALENT CALCULATIONS
Statement Regarding Metal Equivalent Calculations
Metal Equivalent grades are quoted for one or more of the Emmie Bluff, Windabout and MG14 Mineral Resources, or for exploration results considered by the company to be related directly to one of these Miner al
Resources, in this announcement.
For the Emmie Bluff Mineral Resource:
The Emmie Bluff Mineral Resource is reported as 40.2Mt @ 1.27% copper, 569ppm cobalt, 17g/t silver and 0.17% zinc (1.87% Copp er Equivalent (CuEq)) reported at a cut-off grade of 1% CuEq. The calculation of this
metal equivalent is based on the following assumptions.
Metal
Copper
Cobalt
Zinc
Silver
Coefficient
0.8
0.85
0.9
0.85
Forecast Price
$7,000
$55,000
$2,100
$18.50
Price Unit
USD/Tonne
USD/Tonne
USD/Tonne
USD/Oz
Price assumptions used when calculating copper equivalent grades were based primarily on Consensus Economics forecasts of metals, except for Cobalt, which was sourced via communication with subject matter
experts. Metallurgical assumptions used when calculating copper equivalent grades were based on a simple bulk float utilising rougher and minimal cleaner/scavenger circuits. The produced a reasonably consistent
mean recovery across most metals of between approximately 83 and 94 percent. For simplicity, and to in part account for losses associated with less intensive cleaner floats and losses to the hydromet plant, these
figures were rounded down to the nearest 5%.
Application of these assumptions resulted in the following calculation of CuEq:
𝐶𝑢𝐸𝑞% = 𝐶𝑢% + 0.00068 × 𝐶𝑜 𝑝𝑝𝑚 + 0.337 × 𝑍𝑛 % + 90.3 ×
For the Windabout and MG14 Mineral Resource:
The Windabout and MG14 Mineral Resource are reported at a cut-off grade of 0.5% CuEq as:
•
Windabout: 17.67Mt @ 0.77% Cu, 492 ppm Co and 8 g/t Ag (1.41% CuEq)
•
MG14: 1.83Mt @ 1.24% Cu, 334 ppm Co and 14 g/t Ag (1.84% CuEq)
29
Coda Minerals - Sustaining Tomorrow
𝐴𝑔 𝑝𝑝𝑚
10000
APPENDIX C: METAL EQUIVALENT CALCULATIONS
Statement Regarding Metal Equivalent Calculations (continued)
The calculation of this metal equivalent is based on the following assumptions:
Metal
Copper
Cobalt
Mining
Recovery %
0.9
0.9
Dilution %
Recovery %
Payability %
Forecast Price
Price Unit
0.05
0.05
0.6
0.85
0.7
0.75
$6,600
$55,000
USD/Tonne
USD/Tonne
Price assumptions used when calculating copper equivalent grades were based on recent historical metal prices at the time of calculation (2018). Metallurgical assumptions are based on extensive metallurgical
testwork undertaken on the two deposits to 2018 across various potential flowsheets involving both floatation and leaching. Ag analyse s in the estimation and metallurgical testwork were considered insufficient at the
time to include in the metal equivalent calculation.
Application of these assumptions resulted in the following calculation of CuEq:
𝐶𝑢𝐸𝑞% = 𝐶𝑢% + 0.0012 × 𝐶𝑜 𝑝𝑝𝑚
It is the opinion of the company that both sets of prices used in the calculations are reasonable to conservative long -term forecasts for real dollar metal prices during the years most relevant to the deposits (approx.
2026-2030).
It is the opinion of the company that all of the elements included in the metal equivalent calculations have a reasonable pot ential to be recovered and sold.
For full details of the Emmie Bluff Metal Equivalent calculation, please see “Scoping Study Update Delivers Materially Improved Economics” released to the market on 30th January 2024 and available to view at
https://www.codaminerals.com/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-Improved-Economics_RELEASE.pdf
https://www.codaminerals.com/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-Improved-Economics_RELEASE.pdf.
For full details of the MG14/Windabout Metal Equivalent Calculation, please see “Confirmation of Exploration Target & Mineral Resource and Ore Reserve Statement”, r eleased to the ASX on 23 rd October 2020 and
available at https://www.codaminerals.com/wp-content/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf
https://www.codaminerals.com/wp-content/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf.
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Coda Minerals - Sustaining Tomorrow
APPENDIX D: STATEMENTS & REFERENCES
Production Targets – Listing Rule 5.19.2
In relation to any Production Target or any forecast financial information based on any Production Target quoted or referenced in this announcement, the Company confirms that all material assumptions underpinning both
the Production Target and any forecast financial information continue to apply and have not materially changed.
The original ASX announcement released on 3 December 2024 relating to any Production Target or forecast financial information derived from any Production Target referenced within this announcement can be found here.
References – Geological Images
The information in relation to images included in this presentation on slides 22 is taken from the announcement “Drilling Identifies Potential Emmie Bluff Extension – Additional Information ” published on 21 March 2025. The
company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement.
The information in relation to images included in this presentation on slides 11 is taken from the announcement “MT Survey Commences Targeting Emmie Bluff Extensions” published on 25 July 2023.The company confirms
that it is not aware of any new information or data that materially affects the information included in the original market a nnouncement.
References – Scoping Study
References to the Scoping Study relate to the Elizabeth Creek Scoping Study published on 3 December 2024. Please note disclaimers on slide 2 of this presentation and full details of the Study available on the ASX platform
and Coda’s website. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement.
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Coda Minerals - Sustaining Tomorrow
APPENDIX E : BOARD OF DIRECTORS & SENIOR MANAGEMENT
Keith Jones
NON-EXECUTIVE CHAIR
Chartered Accountant and senior mining industry leader with over 40 years of
corporate advisory experience including former Chairman of Deloitte Australia and
of Cannings Purple and former NED of Ora Banda Mining. Currently Non-Executive
Director of EcoGraf.
Chris Stevens
CHIEF EXECUTIVE OFFICER, DIRECTOR
Susan Park
COMPANY SECRETARY
Over 25 years’ experience in the corporate finance industry and extensive
experience in Company Secretarial and Non-Executive Director roles with ASX, AIM
and TSX listed companies. Susan is currently Company Secretary of several ASX
listed companies.
Colin Moorhead
LEAD GEOLOGY ADVISOR
Mineral economist, feasibility and project valuation specialist. Former CEO of Gindalbie
Highly experienced exploration and mine geologist, past president of the AusIMM,
Metals, led the acquisition and demerger in 2019. Former Director of Mining
former member JORC Committee. Former senior roles including CEO PT Merdeka
Operations Consulting at PwC, senior commercial and consulting roles across mining,
Copper Gold Tbk, EGM Minerals at Newcrest Mining Ltd, and Geology Manager at
oil and gas. BA (Hons) Oxford University, MSc in Mineral Economics (WASM),
Gosowong Gold. Currently NED at Aeris Resources and Ramelius Resources, Executive
FAusIMM.
Chairman of Xanadu, and Sihayo Gold.
Robin Marshall
NON-EXECUTIVE DIRECTOR
Experienced mining executive previously involved in managing the successful
delivery of some of the world’s largest resource projects, including
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